Fox Marble Holdings PLC Update on processed marble (1047E)

TIDMFOX

RNS Number : 1047E

Fox Marble Holdings PLC

09 March 2022

9 March 2022

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Update on processed marble

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region is pleased to announce that it has signed a contract to supply BA Engineering & Consulting Sh.p.K ("BA Engineering") with an initial 8,000 square metres of cut and polished tiles for an approximate value of EUR200,000. Fox Marble will process blocks from its quarries through its 100% owned processing facility, with first deliveries expected to take place in March 2022, with the full value of the contract expected to be recognised in the current financial year.

BA Engineering is a local Kosovan construction company with multiple developments in Kosovo. Given BA Engineering is also engaged in developing a number of large prestigious projects in Kosovo, the Company believes this will be the first of a series of orders that BA Engineering will place.

In addition, the Company has signed a non-binding agreement to supply Unik Construction LLC with up to 30,000 square metres of material for ongoing projects they are planning across Europe. The Company expects the first orders under this agreement in Q2 2022. There are no minimum order levels associated with the agreement.

Chris Gilbert, CEO, commented "These contracts to supply cut and polished tiles reaffirms our position as a leading provider of dimension stone within Kosovo. We look forward to working with BA Engineering and Unik going forward and establishing an ongoing relationship.

"With the winter now behind us, we are once again able to access our quarries and recommence extracting block marble. This will not only enable us to meet existing orders of cut and polished stone, but also enable us to capitalise on the increased interest we are seeing for block marble purchases following the COVID-19 pandemic.

"Following our capital raise in December 2021, we are purchasing additional machinery. With this expanded capacity in place, we will look to complete on additional contracts for cut and polished stone."

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations 2019/310. The Directors of the Company take responsibility for this announcement.

For more information on Fox Marble please visit www.foxmarble.net or contact:

 
 Fox Marble Holdings plc 
 Chris Gilbert, Chief Executive Officer   Tel: [phone] 
                                           0999 
 Fiona Hadfield, Finance Director         Tel: [phone] 
                                           0999 
 
 Tavira Securities (Joint Broker) 
 Oliver Stansfield                        Tel: [phone] 
  Allenby Capital (Joint Broker)           1739 
  Amrit Nihal/Nick Naylor                  Tel: [phone] 
                                           2973 
 Cairn Financial Advisers LLP (Nomad) 
 Liam Murray / Sandy Jamieson             Tel: [phone] 
                                           0880 
 

Notes to Editors:

Fox Marble ( AIM: FOX ), is a marble production, processing and distribution company in Kosovo and the Balkans region.

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia's most expensive residential property. These sales serve to demonstrate the desirability of Fox's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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March 09, 2022 02:00 ET (07:00 GMT)